New York, New York--(Newsfile Corp. - March 10, 2022) - Pomerantz LLP is investigating claims on behalf of investors of Rivian Automotive, Inc.("Rivian" or the "Company") (NASDAQ: RIVN). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Rivian and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around November 10, 2021, Rivian conducted its initial public offering ("IPO") of 153 million shares priced at $78.00 per share. Unbeknownst to investors, the Registration Statement failed to disclose, among other things, that the Company's electric vehicles were underpriced to such a degree that Rivian would have to raise prices shortly after the IPO and that these price increases would tarnish Rivian's reputation as a trustworthy and transparent company and would put a significant number of the existing backlog of 55,400 preorders along with future preorders in jeopardy of cancellation. Since the IPO, Rivian's stock price has closed as low as $42.21 per share, down nearly 46% from the $78.00 offering price.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116383
